Eddie Lampert is really sounding the alarms.

The hedge fund mogul and largest shareholder in Sears Holdings claims that “Sears now faces significant near-term liquidity constraints” that can only be avoided if the company’s board approves a restructuring plan Lampert is proposing.

The alternative, he implied in a regulatory filing, is a bankruptcy filing.

Lampert, who is the retailer’s chairman and chief executive, disclosed in the filing that he wants to acquire more real estate from the failing retailer as well as the home services unit in addition to the Kenmore brand — both of which he offered to buy earlier this summer — in an effort to reduce Sears’ debt by 78 percent to $1.2 billion.

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